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Mar 30, 2023
03/23
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if janet yellen doesn't know because she's not managing things well, that's not good. if she did know and she's pretending nod -- not to, that's not good either. stuart: it reminds me correctly of lois lerner. -- directly. >> and there are a couple of things there too. the irs has a history of going after political opponents of the left using the bureaucratic tools at their disposal. in the irs situation, people thought maybe president obama ma personally directed lois lerner. that's not necessary because our bure rock to says are so filled with people on the left, they don't need personal direction. and that could be the case here with matt taibbi as well, but i cohope that oversears in congress will call -- overseers will call on these agents and make them explain what they were doing and anyone else involved. stuart: knowing jim jordan, i think he'll press hard. mollie hemingway, thank you very much for being here. >>> back to the markets, a little bit of green right there, left-hand side of the screen. the cow's up 80 -- dow's up 80, the nasdaq's up over 100 points
if janet yellen doesn't know because she's not managing things well, that's not good. if she did know and she's pretending nod -- not to, that's not good either. stuart: it reminds me correctly of lois lerner. -- directly. >> and there are a couple of things there too. the irs has a history of going after political opponents of the left using the bureaucratic tools at their disposal. in the irs situation, people thought maybe president obama ma personally directed lois lerner. that's not...
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Mar 21, 2023
03/23
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second, of course, you've got the two most important people in finance, jamie dimon and janet yellen, they're both working their back sides off to solve this problem. don't bet against them. stuart: there is the an etf for regional bank, i think, iat? >> yes, absolutely. that way -- you know, i can't tell you whether first republic's going to make it, but as an asset class,es it will work, so you can do yourself a favor by getting a nice diversified bundle. stuart: the up 6% this morning. did you buy -- [laughter] quickly, the fed if tomorrow, prediction. do they raise a quarter point, 25 basis buoyants -- points, or do they pause in. >> it's difficult to know because you've got bank chaos versus inflation, i think the bank chaos is right in front of them. as i mentioned, you've got yellen and jamie dimon working on solving the problem, do they want to rain on parade? i think their best move is another the nothing, pause, assess situation, don't make that yield curve further inverted and put difficulty for all the banks in the world really. stuart: if they paused, no rat hike, very go
second, of course, you've got the two most important people in finance, jamie dimon and janet yellen, they're both working their back sides off to solve this problem. don't bet against them. stuart: there is the an etf for regional bank, i think, iat? >> yes, absolutely. that way -- you know, i can't tell you whether first republic's going to make it, but as an asset class,es it will work, so you can do yourself a favor by getting a nice diversified bundle. stuart: the up 6% this morning....
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Mar 17, 2023
03/23
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senator lankford tearing into janet yellen and bank bailouts. >> is your plan to keep large depositors from moving their funds out of community banks into big banks. >> that's not something we are encouraging. it is happening because depositors are concerned about the bank failures that happened and whether or not other banks could fail. >> you are fully insured if you are in a big banks bank, not if you are in a community bank. stuart: ryan payne joining us this morning. do you think the banking crisis is a little bit contained? >> markets shift this week which is surprising, i think the fed credit facility basically said we have ensured every deposit which arguably might be problematic but the reality is it is functioning normally. haven't had a run on any bank since the weekend, and it is destabilized. >> however, on this show we have several people say, in the long run from this crisis, to big banks now. >> big banks more power. i'm not a big fan of monopolies. the banks sold off the banking crisis, it is cheaper than it does, 3% yield. stuart: morgan stanley, that is not good. are
senator lankford tearing into janet yellen and bank bailouts. >> is your plan to keep large depositors from moving their funds out of community banks into big banks. >> that's not something we are encouraging. it is happening because depositors are concerned about the bank failures that happened and whether or not other banks could fail. >> you are fully insured if you are in a big banks bank, not if you are in a community bank. stuart: ryan payne joining us this morning. do...
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Mar 30, 2023
03/23
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here's janet yellen. role it. >> during the few hours he's appearing before congress, irs agent leaves him a note, have you heard this? >> i've not. stuart: not aware? when does the political spin end? white house okay a massive oil and gas sale in the gulf of mexico, from climate activists who want to block them all. got the story. a train derailed earlier in minnesota prompting a town to evacuate. we speak to minnesota congressman on what residents need to know, that's next. ♪ ople like sam who make...? ...everyday products... ...designed smarter. like a smart coffee grinder - that orders fresh beans for you. oh, genius! for more breakthroughs like that... ...i need a breakthrough card... like ours! with 2.5% cash back on purchases of $5,000 or more... plus unlimited 2% cash back on all other purchases! and with greater spending potential, sam can keep making smart ideas... ...a brilliant reality! the new ink business premier card from chase for business. make more of what's yours. as a business owner
here's janet yellen. role it. >> during the few hours he's appearing before congress, irs agent leaves him a note, have you heard this? >> i've not. stuart: not aware? when does the political spin end? white house okay a massive oil and gas sale in the gulf of mexico, from climate activists who want to block them all. got the story. a train derailed earlier in minnesota prompting a town to evacuate. we speak to minnesota congressman on what residents need to know, that's next. ♪...
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Mar 22, 2023
03/23
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janet yellen is throwing her support behind them. we have a development, i believe , with pac west. >> so it looks like just in the last few minutes the reason why the stock is really under performing is that pac west says right now it's not prudent for them to raise capital. they do have $11 billion in cash on hand and they just said that they tapped atlas cash after a 20% deposit outflow. 20% in deposit outflows and we've heard that from first republic as well. yes they have $30 billion in those 11 banks, depositing money into first republic but don't forget outflows and withdrawals have been $70 billion, so that's double the deposit and the cash that has been put in, so i think pac west reigniting those regional bank fears and we will be hearing later on from jay powell. stuart: it occurs to me that's the key metric here. >> outflows. stuart: because that leaves the bank high and dry. >> yeah, and what about also this rescue as well because you've heard about jamie dimon, jpmorgan saying that he's trying to figure out some ways to
janet yellen is throwing her support behind them. we have a development, i believe , with pac west. >> so it looks like just in the last few minutes the reason why the stock is really under performing is that pac west says right now it's not prudent for them to raise capital. they do have $11 billion in cash on hand and they just said that they tapped atlas cash after a 20% deposit outflow. 20% in deposit outflows and we've heard that from first republic as well. yes they have $30 billion...
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Mar 15, 2023
03/23
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janet yellen as we, president biden's comment reassuring the american people about the banking sector and the bailout they achieved was absolutely pitiful. there's not a lot of confidence in transitory inflation or jay powell is running the fed and was behind the curve for year addressing inflation, we have a vacuum in terms of leadership but what larry fink is said is true, inflation will run at 3% or 4% and i've written a year ago they, cave before that. my guess is we will see the start of that when jay powell talks next week. stuart: your assessment of the current situation is no mass bailout is required and if it was required would you be for or against it? >> the glue that holds businesses together, you don't want that. stuart: in the last bailout, 2,008, i was in favor of it, got to stop the rot and i was wildly unpopular. >> people have no idea what's on the other side of a real banking crash. stuart: you don't want to see it. democrats dominated silicon valley bank's former board of directors. lauren: 12 people were on board, just one had investment banking experience, the fo
janet yellen as we, president biden's comment reassuring the american people about the banking sector and the bailout they achieved was absolutely pitiful. there's not a lot of confidence in transitory inflation or jay powell is running the fed and was behind the curve for year addressing inflation, we have a vacuum in terms of leadership but what larry fink is said is true, inflation will run at 3% or 4% and i've written a year ago they, cave before that. my guess is we will see the start of...
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Mar 10, 2023
03/23
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they were unable to find investors and we heard from treasury secretary janet yellen on silicon valley bank and she said when banks experience financial losses, it is and should be a matter of concern. svb's joint venture partner in china and uk subsidiary say they're still omitterring an independent from svb in california and this whole bank run start when had silicon valley bank was forced to off load a $21 billion bond portfolio at a loss of $1.8 billion and trying to raise the cash to cover the losses on bad u.s. treasury bets when they bought billions of dollars of u.s. government bonds and yields were only 1.7% and at 4% now and a whole lot less and triggered quick and a panicky withdraw from the capital funds and the founder fund fred wilson and union square and they're startups to take out all their cash or cap the amount of money they positive gain sit at sv -- deposit at svb. you had bill akmam billionaire if private capital can provide a solution of government preferred bailout should be considered and the fact the markets have turned around and look at bank stocks and first
they were unable to find investors and we heard from treasury secretary janet yellen on silicon valley bank and she said when banks experience financial losses, it is and should be a matter of concern. svb's joint venture partner in china and uk subsidiary say they're still omitterring an independent from svb in california and this whole bank run start when had silicon valley bank was forced to off load a $21 billion bond portfolio at a loss of $1.8 billion and trying to raise the cash to cover...
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Mar 17, 2023
03/23
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yellen forced this move and spreading the risk of natural contagion to chief, false sense of confidence in first republic is that policies and the stock reaction is saying the same thing. it's not over because this weekend people are talking about possible activities, morgan stanley, whispers they might step in to buy first republic, regional stocks under pressure, achieved by for larger banks as well. in this fragility in the banking system, some would say it's because largely by the federal reserve and aggressiveness. did you know this week is one year anniversary of the fed kicking off steepest year of interest rate increases since 1981? this time last year you are paying zero, the year on today, paying 150 basis points more, four and a half percent plus on your lending rates. stuart: this problem could be spread out for some time because it takes a long time to unwind rapid rise in interest rates. >> the deposits, don't forget capital flight, taking the first republic and depositing into j.p. morgan, bank of america so recycling of deposits to go around to make sure everybody is oka
yellen forced this move and spreading the risk of natural contagion to chief, false sense of confidence in first republic is that policies and the stock reaction is saying the same thing. it's not over because this weekend people are talking about possible activities, morgan stanley, whispers they might step in to buy first republic, regional stocks under pressure, achieved by for larger banks as well. in this fragility in the banking system, some would say it's because largely by the federal...
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Mar 22, 2023
03/23
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president biden talks about the economy was in tatters when we got here, that is a lie and janet yellen told congress the same thing the other day. it was not true. i will stop renting. stuart: next case. sheila blair was chair of the fcic, what she is saying now about svp? lauren: they shouldn't have been bailed out, the government should not have guaranteed all the deposits, called that an overreaction. here that is. >> quite safe and stable, the banking system is very safe and the main thing we have to fear is fear itself, making people, incentivizing people to make irrational withdrawals when it is not necessary. lauren: she's against increasing deposit insurance, 250,000, that encourages risk. bankers can invest however they could, responsible for the money you have with them. are you are doing is making a rich bank richer because you're letting them be more risky. stuart: moral hazard, thanks very much. back to the markets. we are waiting for the fed's decision this afternoon. david, you are saying, new lows for the market are just around the corner, in the immediate future. why a
president biden talks about the economy was in tatters when we got here, that is a lie and janet yellen told congress the same thing the other day. it was not true. i will stop renting. stuart: next case. sheila blair was chair of the fcic, what she is saying now about svp? lauren: they shouldn't have been bailed out, the government should not have guaranteed all the deposits, called that an overreaction. here that is. >> quite safe and stable, the banking system is very safe and the main...
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Mar 16, 2023
03/23
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top of the hour we will hear from janet yellen, she'll be in her senate testimony, she will a short americans can feel confident that deposits will be there when they need them. she says this week's actions demonstrate our commitment to ensure depositors, all depositor savings remain safe. i've been asked several times and i'm sure you have by viewers at their money is safe in the bank and the answer is yes. yellen will also mention that, it's not a bailout, not taxpayer funds used to guarantee pause deposits as signature bank, it was a banking insurance fund from the fdic that banks contribute to. on the market action regional banks under pressure first republic has been altered on volatility, down 35% at the open and lost around $17 billion in total market value stemming from the silicon valley collapse cut status by s&p and also could be up for sale according to bloomberg report. you also have international banking concerns, credit suites giving the $54 billion lifeline for the swiss central bank selling off of the bonds to raise cash but i think ecb, the fact that they went ahead to raise
top of the hour we will hear from janet yellen, she'll be in her senate testimony, she will a short americans can feel confident that deposits will be there when they need them. she says this week's actions demonstrate our commitment to ensure depositors, all depositor savings remain safe. i've been asked several times and i'm sure you have by viewers at their money is safe in the bank and the answer is yes. yellen will also mention that, it's not a bailout, not taxpayer funds used to guarantee...
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Mar 13, 2023
03/23
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so now that you can access your funds 100% according to janet yellen and that that initiative last night, that coordinated initiative, so, yes. etsy, roku said that we can, we are able to access our funds. stuart: yes, we're in a banking crisis, but you want to raise the issue of meta and more job cuts maybe coming. susan: i think if there's some outperformance, this is also a big headline to watch for today. and, again, i think also because of what's happened with silicon valley bank and the possible contagion effect, we also have people trying to the save money right now. this is going -- i think, what do you think, disinflationary. it means that people will be afraid to open their wallets, they won't want to spend, and that brings prices down. by the way, meta is also in this year of saving money and costs, they're going to cut around 11,000 workers. second round of 11,000 job cuts according to reports. and i think this is kind of the trend in silicon valley now. stuart: one more, because i know we've got a huge deal here, pfizer, siegen, multibillion dollar bill? susan:st the encoura
so now that you can access your funds 100% according to janet yellen and that that initiative last night, that coordinated initiative, so, yes. etsy, roku said that we can, we are able to access our funds. stuart: yes, we're in a banking crisis, but you want to raise the issue of meta and more job cuts maybe coming. susan: i think if there's some outperformance, this is also a big headline to watch for today. and, again, i think also because of what's happened with silicon valley bank and the...
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Mar 24, 2023
03/23
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. >> yeah, well, stuart, janet yellen keeps assuring us that the banks are fine. meanwhile she's meeting with an emergency meeting of regulators this morning. oh, i don't know to maybe talk about the banks and actually what worries me. the crisis seemingly started in the regional banks. what worries me actually at least from a shareholders perspective and certainly what's hurting the market today are the big banks, the so-called too big to fail banks. stuart bank of america at a new 52 week low yesterday that's generally a pretty bearish sign and i look back at some of the big banks that were assisted during the last financial crisis citigroup for example,, it's a $ 40 stock today it was a $400 stock in 2007 before all that assistance for government, so financials at-large are weak and ironically stuart some of the biggest stocks i think in the biggest banks might be the weakest in the days to come. stuart: a money manager like yourself you have to be worried about this weekend. anything can happen in this banking thing. >> without question, stuart. when they tend
. >> yeah, well, stuart, janet yellen keeps assuring us that the banks are fine. meanwhile she's meeting with an emergency meeting of regulators this morning. oh, i don't know to maybe talk about the banks and actually what worries me. the crisis seemingly started in the regional banks. what worries me actually at least from a shareholders perspective and certainly what's hurting the market today are the big banks, the so-called too big to fail banks. stuart bank of america at a new 52...
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Mar 23, 2023
03/23
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we're coming off a treasury secretary janet yellen's statement that she's not planning to back all deposits at all banks. >> [opening bell ringing] stuart: and we had a big sell-off yesterday. what's in-store for this morning all right here we go we'll find out in 3-2-1 it is 9:30 eastern. here we go. what do we got? the dow is up about 100 points, roughly. that's in the very very early going. 102 points to be precise that's one-third of 1% and we've got more than half of the dow 30 on the upside. several stocks are gaining significant ground. just a couple losers dow is up 114 right now. s&p 500 also opening higher i think just a little. not bad, three-quarters of 1% still shy of 4,000 but up this morning. nasdaq ceo not bad at all. show me big tech they have to be doing well. yesterday was awful, microsoft is up five bucks recovering almost fully from what happened yesterday. amazon, let's see alphabet, amazon, meta apple 159 not bad. susan is with us with big news. let me say it, let me see if i've got this right. hindenberg research shorts jack dorsey's payment block betting it goes dow
we're coming off a treasury secretary janet yellen's statement that she's not planning to back all deposits at all banks. >> [opening bell ringing] stuart: and we had a big sell-off yesterday. what's in-store for this morning all right here we go we'll find out in 3-2-1 it is 9:30 eastern. here we go. what do we got? the dow is up about 100 points, roughly. that's in the very very early going. 102 points to be precise that's one-third of 1% and we've got more than half of the dow 30 on...
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Mar 27, 2023
03/23
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janet yellen, who i consider the most incoherent person alive , had to step in and assure us that the fed would guarantee most deposits. that was a big step, and then also, to have jerome powell raise interest rates yet act like, say he's a hawk but act like a dove, and that's exactly what he did last week. stuart: so is this the calm before the storm? >> i believe it is. stuart: so a storm is coming? >> the storm is coming because here you have -- i don't believe we're going to have bank collapses like people fear, but banks are going to tighten lending. they are going to pull in liquidity, and that is going to cutoff the lifeline to a lot of businesses. the banks supply the liquidity for businesses to grow. number one. number two, you also have the consumer. the consumer has gotten kicked in the teeth. the savings rate are among the lowest since the financial crisis and also, the credit card debt is the highest on-record, with some of the highest interest rates on record, so the consumer is affected and corporate earnings have to scale down, so i believe this was a quick fix. i thin
janet yellen, who i consider the most incoherent person alive , had to step in and assure us that the fed would guarantee most deposits. that was a big step, and then also, to have jerome powell raise interest rates yet act like, say he's a hawk but act like a dove, and that's exactly what he did last week. stuart: so is this the calm before the storm? >> i believe it is. stuart: so a storm is coming? >> the storm is coming because here you have -- i don't believe we're going to...
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Mar 29, 2023
03/23
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reporter: this is a different message being portrayed on capitol hill testimony by secretary janet yellen of the treasury department who says the system is safe and secure. officials of the federal reserve also trying to portray "the situation" with the banks has calmed down. both the fed chairman and the vice chairman of supervision , michael bar, said in the past week, that they would support stronger banking rules if necessary. house financial services committee member representative brian steele says the banks were not tested for the scenario that unfolded. >> actually do the stress test on the fact that inflation be persistently high, that interest rates would remain persistently high, that first, they would have to admit the premise was wrong, that this was temporary and transitory. they would have to actually admit that inflation is here and here because the biden administration has put forward policies driving it higher. reporter: so the man at the federal reserve in charge of looking after supervision and regulation of banks he's on capitol hill again today testifying before the
reporter: this is a different message being portrayed on capitol hill testimony by secretary janet yellen of the treasury department who says the system is safe and secure. officials of the federal reserve also trying to portray "the situation" with the banks has calmed down. both the fed chairman and the vice chairman of supervision , michael bar, said in the past week, that they would support stronger banking rules if necessary. house financial services committee member...